Eos Energy Enterprises (NASDAQ:EOSE) Sets New 1-Year High – Still a Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $5.70 and last traded at $5.61, with a volume of 3518755 shares traded. The stock had previously closed at $4.86.

Analyst Ratings Changes

Separately, Roth Mkm lowered their target price on shares of Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $3.90.

Eos Energy Enterprises Stock Up 14.8 %

The stock’s fifty day simple moving average is $3.28 and its 200-day simple moving average is $2.57. The company has a market capitalization of $1.22 billion, a PE ratio of -2.32 and a beta of 2.31.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Millennium Management LLC lifted its holdings in shares of Eos Energy Enterprises by 5,744.5% in the second quarter. Millennium Management LLC now owns 3,164,017 shares of the company’s stock valued at $4,018,000 after purchasing an additional 3,109,880 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Eos Energy Enterprises in the 2nd quarter valued at approximately $216,000. Tidal Investments LLC purchased a new position in Eos Energy Enterprises during the third quarter worth $993,000. State Street Corp lifted its position in shares of Eos Energy Enterprises by 9.5% in the third quarter. State Street Corp now owns 875,439 shares of the company’s stock valued at $2,600,000 after acquiring an additional 75,657 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in Eos Energy Enterprises by 30.2% in the 2nd quarter. NewEdge Advisors LLC now owns 2,588,823 shares of the company’s stock valued at $3,288,000 after purchasing an additional 600,143 shares during the last quarter. Hedge funds and other institutional investors own 54.87% of the company’s stock.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc designs, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial (C&I) applications in the United States. The company offers Znyth technology battery energy storage system (BESS), which provides the operating flexibility to manage increased grid complexity and price volatility.